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President Obama could look to Russia for true love

Ian King: Business Editor’s Commentary

September 4 2012, 1:00am, The Times

With the economy set to dominate the presidential election, Barack Obama could use one or two captains of industry talking up US growth prospects, even though few seem likely to do so at this week’s Democratic convention.

Under such circumstances, Mr Obama could do worse than ring Alexey Mordashov, chief executive of Severstal. One of the most striking aspects of the Russian steel magnate’s presentation to investors yesterday, in London, was the extent to which he sees America as a growth story. Mr Mordashov expects steel demand to recover in the United States — where, in contrast to China, he believes prices have bottomed out — while low inflation rates and the availability of scrap, along with relatively cheap energy costs, all make America an attractive location…